(1) The Central Bank may appoint an official administrator for a licensed financial institution or licensed financial holding company where —
(a) the Central Bank determines that the licensed financial institution or licensed financial holding company has —
(i) violated any provision of this Act or Regulations made under this Act or prudential standards issued by the Central Bank, or
(ii) engaged in any unsafe and unsound practices, in such a manner as to weaken the licensed financial institution's or licensed financial holding company's condition, threaten depositors' interests, or dissipate the licensed financial institution's or licensed financial holding company's assets;
(b) the licensed financial institution's or licensed financial holding company regulatory capital level falls below the minimum regulatory capital required under section 44 and related prudential standards issued by the Central Bank;
© the Central Bank has reasonable cause to believe that the licensed financial institution or the licensed financial holding company or its directors, officers, or significant shareholders has engaged or is engaging in illegal activities in a manner as to jeopardize depositors' interests;
(d) the Central Bank determines that the licensed financial institution or licensed financial holding company is in an unsafe or unsound condition to transact business and the licensed financial institution or licensed financial holding company or its directors or officers are unable to promptly improve such condition;
€ the licensed financial institution or the licensed financial holding company fails in any manner to cooperate with the Central Bank or its examiners to enable the Central Bank to perform its supervisory responsibilities, including through concealment or failure to submit for inspection any of the licensed financial institution's or licensed financial holding company's books, papers or records;
(f) the licensed financial institution or licensed financial holding company fails in any manner to cooperate with its external auditors;
(g) the licensed financial institution or licensed financial holding company or its directors, officers, employees, or significant shareholders wilfully violate or fail to comply with an order or direction of the Central Bank under sections 75 to 87; or
(h) the licensed financial institution or licensed financial holding company, by resolution of its directors or shareholders, requests the appointment of an official administrator.